Phoenix, AZ—Sprouts Farmers Market, Inc., reported results for the 13-week second quarter ended June 30, 2019 in a press release.
- Net sales of $1.4 billion, a year-over-year 7% increase
- Comparable store sales growth of 0.1% and two-year comparable store sales growth of 2.1%
- Net income of $35 million, compared to $42 million from the same period in 2018
- Diluted earnings per share of $0.30, compared to $0.32 from the same period in 2018
Gross profit increased 6% to $465 million—a decrease of 35 basis points compared to the same period in 2018, primarily driven by product cost inflation and a rise in distribution and transportation costs.
Fiscal year-to-date financial results showed an 8% increase in net sales compared to the same period in 2018, driven by strong performance in new stores and a 0.8% increase in comparable store sales.
Chip Molloy, interim chief financial officer and board member of Sprouts Farmers Market, said in the release: “We are grateful to have Jack Sinclair join the Sprouts team as our new CEO and are confident his insightful grocery experience makes him well-positioned to strategically advance Sprouts’ unique model and improve its performance as the brand expands its footprint.”